Coffee group swallows the cream

Thursday 23 October 2003 17:01 BST

INSURER Allianz today sold a 40% stake in Germany's Beiersdorf, maker of Nivea cream, for $5.2bn (£3.1bn). The sale means that a consortium led by Hamburg coffee importing house Tchibo takes control of a German corporate crown jewel. Allianz will retain a 3.6% stake in Beiersdorf.